A few weeks ago, a St. Louis-based investment advisory firmsettled charges with the Securities and Exchange Commission overallegations that it failed to implement even threadbare cybersecurity policies and procedures in advance of a 2013 breach of itsserver, which was hosted by a third party.
The attack, which investigatorsultimately traced to China, resulted in the compromise of thousandsof the firm’s clients’ personally identifiable information, or PII,according to the SEC.
The firm paid a $75,000 penalty, and though it did not admit ordeny the SEC’s findings, the regulator’s allegations present ascenario of complete negligence on the part of the firm.
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